John Locke's Program

I hear alot of good things in here about his
subject to strategies.
Has anyone actually done a subject to deal using
his method? I am interested, plz advise

Comments(22)

  • miraclehomes30th July, 2004

    I understand his book is one of the best. I have done many sub2's, so I am sure that his strategies are good.

  • jeff1200230th July, 2004

    If his methods didn't work, he wouldn't get the reviews or have the reputation that he does. Absolutely, his methods work!

  • jfmlv195030th July, 2004

    tenorhighc,

    Here are a few of the many links right here on TCI to answer your question.

    http://www.thecreativeinvestor.com/Reviews-index.html

    http://www.thecreativeinvestor.com/ViewTopic28491-34-3.html

    http://www.thecreativeinvestor.com/modules.php?mop=modload&name=Forum&file=viewtopic&topic=31236&forum=34

    http://www.thecreativeinvestor.com/ViewTopic29144-34-4.html

    Plus all the other deals posted on the subto password protected site.

    Hope this helps

    John (LV)

  • ncboater30th July, 2004

    I have John's course I think its excellent. I'm in the process of getting everything going in the next week or 2. His course will give you a direction to go towards. I have went through it 4 times to make sure that everything is in order on my end. I have read lots of books and looked at other courses for much more $$$ and I think this is a deal. You will get out of it only what you put into it!

  • ksmntci30th July, 2004

    Which one did you buy,
    The course for 689 or the training manual for 189.

  • ncboater30th July, 2004

    I bought the course and glad I did because the course offers so much more. Money will spent.

  • webuyproperties30th July, 2004

    I have purchased 4 homes subject to-
    best spent money in a long time. Buy it, you will not be disappointed

  • tenorhighc31st July, 2004

    Thanks all, 4 the input! I think I'll take a shot at the $89 program

  • Lufos31st July, 2004

    John Locke

    Is a fine, decent, upstanding, honorable man. The only thing he has ever lied about was that little green worm that lives at his home town of Lockness. That he has blown out of all proportion!

    His Mother Mrs. Locke

    8-) 8-)

  • Brill31st July, 2004

    Can't get more info for less, well except in these forums..=O) Money well spent!!
    Kudos John.

    Bri

  • clegg31st July, 2004

    Can anyone direct me to a general Sub2 definition? I think I will buy the manual as well but just wanted to see if I can get a simple listing of the steps involved in case I had any questions.
    Thanks.

  • JohnLocke31st July, 2004

    clegg,

    Glad to meet you.

    This should give you an outline on Subject To investing.

    http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=146

    John $Cash$ Locke
    [addsig]

  • wannabe2131st July, 2004

    I've been debating for a couple months, but I just splurged and am buying the full course. When I thought I could really save money buying just the manual it kind of dawned on me...I'm hedging. The only reason for me personally to buy just the manual is if I'm not 100% confident that I can turn around and make money using the program. Once I realized that, I realized that I'm already setting myself up to fail. So, I'm taking the plunge and shelling it out for the full course...no turning back because I need to make that money back. I believe in John and his course, and now I'm going to believe in me. I've laid the knowledge foundation, and now it's time to put a working program (sub-to) on top of that foundation and get to work. I'm scared witless, but I refuse to fail. I may experience some failures, but ultimately I will succeed.

  • clegg1st August, 2004

    Thanks for the link John. One quick clarification. You are looking for buyers who are facing forclosure but have not taken the approriate steps do anything about it till the last minute, correct? Therfore, they cannot sell the property and you are their only hope? In that case, you would have to pay back all the dues on the property which might end up being quite a lot of money. And on top of it, what if you do not find someone to take over the property soon? Holding costs can also be significant. I noticed you said one could be looking at a 28K return on a 1K investment. Couldn't that 1K easily become much more?
    I have read many great testimonials so I am sure it works but not sure how. Also, does paying off all the mortgage payments for a house on route to foreclusure stop it from happening? I would have thought it would take more to convince the bank.
    Anyways, any help would be appreciated.

    Abhishek

  • I_Need_Help1st August, 2004

    i understand how you feel. i am at the point to where my signs are up and now i am just waiting for calls. i am a little bit nervous because i have not yet had my forms reviewed by a lawyer becasue they all tell me they wont do that for me or they wont do it until i find a deal. one thing i am scared of is getting a deal signed up with a generic CT sales agreement form. o well, ill tell you how it goes. already got one call and signs have been up for one day. the house was in the worst part of town and would be worth more if it was burned down. there will be more to come though. [ Edited by I_Need_Help on Date 08/01/2004 ]

  • JohnLocke1st August, 2004

    clegg,

    Most investors assume that pre foreclosure sellers are who you look for when doing a Subject To deal and this is not all together true.

    90% of my deals were with sellers who were current with their mortage payments, I teach that you can find these people just before they are in trouble.

    This makes them easier to deal with rather than deal with the pre foreclosure folks who are in self denial after a certain period of time, plus not having to make up those back payments is a big plus.

    John $Cash$ Locke
    [addsig]

  • I_Need_Help1st August, 2004

    john, i see the big plus with deal with people who are not in pre-forclosure but when you deal with people who are not in forclosure dont they usually want to buy another house or a bigger house? after owning your house i dont see why somebody would want to rent. This is the only thing i am a little confused about. thanks

  • JohnLocke1st August, 2004

    I_Need_Help,

    There are many reasons that sellers need out.

    Let's say a person loses their job and cannot afford to make the payments to the lender, however they have good credit and want to keep it. They need to sell fast so they need enough to move to an apartment, thus the term U-Haul money to help them move into less expensive housing.

    When we think conventionally or have never been in or seen circumstances that would dictate a fast move, due to job transfer, divorce, job loss, etc., to where these people need help, then it is hard to understand.

    I have never had a situation where someone could not purchase another house when they sold theirs Subject To as long as their credit was acceptable to lenders.

    A case would be they are having a house built, however they could not sell their current house conventionally, but cannot afford two house payments and the new house is ready to move into, wella Subject To comes to the rescue.

    So just think what you would do in similiar circumstances should the need arise, then you will start to understand the reasons people sell Subject To.

    John $Cash$ Locke
    [addsig]

  • clegg1st August, 2004

    John, if the bank is not breathing down your neck, what is the incentive for selling to you versus selling conventionally and possibly making some money?
    Also, can you clarify the following:
    As I understand, once you get a home sub2, you would look to rent it out. At this point, you get a nice downpayment and payments. Throughout this time, the original owner still owns the home and the mortgage is being paid. Two years later, the renter decides to buy and get conventional financing. Does that make sense? Where in the end do you make money? Besides the rent, that is. Also, what if the renter decides not to buy and continue renting? Is there a time limit or a contract?
    Thanks for the help.

    Abhishek[ Edited by clegg on Date 08/01/2004 ]

  • marv_wi1st August, 2004

    Hello Clegg,
    I know your questions were for Mr. Locke,
    but I think I can clarify a few things. Subto method of buying works because people need out,be it a newer home 2 yrs old. sell it conventional with realtors cost with no equity you might have to pay at closing.
    A business executive with a $800,000 house with $200,000 equity, getting transfered to another country and needs to sell fast. If you were an executive in that position and made$600,000 a year and your transfer meant $900,000 a year would you turn it down because you couldn't sell your house and were worried about your $200,000 equity? I had a house a few years ago, bought a new one, moved had a realtor try to sell it, the payments were killing me, cancelled the realtor sold to my young niece and now husband on contract, 1/2 of down payment went to catch up mortgage and basically walked out with next to nothing, but I don't have a forclosure on my record, my neice and hubby got a house with equity, and at that time I probably would have subto'd it to some one had I have the oportunity.
    As far as selling, you buy subto, sell or lease option, get down payment raise interest rate for giving buyers terms, raise price that's still fair but make a profit make your monthly check and when the new buyers refi, you take what ever is left that is owed. There alot of people that might not qualify for new financing, but will in two years with some equity in the house they bought on a contract.
    Sorry for being long winded.
    Good luck to your investing.
    Marv

  • clegg1st August, 2004

    Thanks for the response but I am still not clear where you make the money at the end. "when the new buyers refi, you take what ever is left that is owed."
    Sorry for being a little thick here, can someone use an example? Also, wouldn't the downpayment eventually need to be paid back?
    My apologies and thanks to all who answered.

    clegg

  • marv_wi1st August, 2004

    Hello Clegg,
    "I am still not clear where you make the money at the end"
    example; you buy at 100,000 you sell 115,000. 5,000 down your payment is 500
    you get 600= 100 per month in pocket. at refi you get 10,000 less princaple paid, lets say 9,400.
    therefore 5,000 now 100x24 in monthly payments = 2,400 and 9,400 when refi comes.
    5,000+2,400+9,400=16,800 profit on that deal(numbers are an example)

    "Also, wouldn't the downpayment eventually need to be paid back? "
    No their down payment is xxx dollars take off the top of amount financed, that is your money.
    hope this helps some,
    Marv

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